---
title: "UBS slightly lowers Bilibili's target price to $36, rating \"Buy\""
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/266145449.md"
description: "UBS released a research report, slightly lowering Bilibili's target price for US stocks to $36, maintaining a \"Buy\" rating. Despite a weak outlook for the gaming business in the fourth quarter, user and advertising growth exceeded expectations, seen as high-quality growth. UBS believes Bilibili's valuation is attractive, with significant profit growth potential in the coming years. Recent game releases are viewed as catalysts, and if advertising momentum continues, performance is expected to exceed expectations"
datetime: "2025-11-17T08:29:52.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/266145449.md)
  - [en](https://longbridge.com/en/news/266145449.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/266145449.md)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/266145449.md) | [English](https://longbridge.com/en/news/266145449.md)


# UBS slightly lowers Bilibili's target price to $36, rating "Buy"

UBS's research report indicates that Bilibili-W (09626.HK) had overall solid performance in the third quarter, with user growth and advertising growth exceeding expectations, which is seen as high-quality growth; although investors reacted negatively to the fourth quarter gaming outlook, it is believed that this issue stems from the timing of the season calculation cutoff for "Three Kingdoms: Strategy of the World," and is essentially temporary.

Given Bilibili's high-quality user growth and advertising growth, UBS maintains a constructive view on the company. Although the fourth quarter gaming business outlook is weak, it is more a matter of revenue timing. UBS believes that from a price-to-earnings ratio perspective, Bilibili's valuation is starting to appear attractive, with the current price equivalent to an estimated 2026 price-to-earnings ratio of 25 times, and an adjusted annual compound growth rate of earnings per share of 35% from 2025 to 2027.

UBS views recent game releases (such as "Dudu Face Prank" in 2025 and "Three Kingdoms: General Card" in the first quarter of next year) as catalysts, with an attractive risk-reward profile; if the current momentum in advertising growth can continue into 2026, it is expected to exceed market expectations.

Due to a downward adjustment in gross margin assumptions (partially offset by lower taxes), UBS's target price for Bilibili's U.S. stock (BILI.US) has been slightly lowered from $37 to $36 based on a discounted cash flow method, implying estimated price-to-earnings ratios of 45 times, 34 times, and 25 times for 2025 to 2027, respectively; the target price for the Hong Kong stock is HKD 279.9

### 相關股票

- [Bilibili (BILI.US)](https://longbridge.com/zh-HK/quote/BILI.US.md)
- [BILIBILI-W (09626.HK)](https://longbridge.com/zh-HK/quote/09626.HK.md)

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